What will the eCommerce industry bring in 2023?

In previous years, trends in the eCommerce market were dictated by the pandemic, then changes were forced by rising inflation - what will affect the industry in 2023? No matter what the future holds - it is worth watching how market preferences and customer expectations change. Sustainability, diversified forms of payment or cross-border sales are just some of the trends you will learn about by reading the article. Ready to launch your online store confidently into another year?

New year with no boundaries - Crossborder Commerce

Amazon, Ebay or Aliexpress - you probably know these names very well. All of these marketplaces operate in many foreign markets. With the right technical conditions and the gradual unification of crossborder commerce regulations, it is now possible for more than just the biggest giants to succeed overseas - foreign sales are an opportunity to increase performance, regardless of the size of the online store.

Crossborder commmerce is a challenging trend with an extensive catalog of issues, such as tax issues, logistics and customer loyalty. Nonetheless, it can bring benefits that are difficult to achieve by operating only domestically. What can be gained by deciding to expand your horizons?

Expansion into other markets minimizes the impact of seasonal fluctuations on sales, builds global brand awareness and, above all, allows you to reach a much wider range of target customers. However, it should be remembered that working in such a mode involves adequate preparation. What issues are worth paying attention to when implementing your online store outside the country?

• Ensuring compliance with local law
• Considering currency differences
• Getting familiar with the specifics of the market, which in many cases is characterized by a different business culture
• Meeting the different needs of customers conditioned by various shopping experiences
• Aligning logistical issues such as delivery, customs fees, as well as return policy

A PayU report shows that in 2022 as many as 88% of Poles bought goods from abroad. Next year will certainly bring equally high, or even record results. Although the numbers present this trend extremely attractively - it should be remembered that presence on the international market requires comprehensive preparation from both the technical and business side. Are you ready to start selling in the cross border model?

Inflation - changing the strategy of running eCommerce

The rise in prices during the past year has affected consumer behavior as well as approaches to conducting eCommerce, but the changes don't stop there. According to forecasts for 2023, inflation will already peak in the first months, taking values of more than 20%. What measures should be taken in the face of such a challenge?

Flexibility in doing business will become the key to reducing the problems plaguing the economy. Its provision is facilitated by omnichannel sales. Integration of sales channels implies proper technical preparation, including: ensuring equal pricing, matching forms of payment (which you will read about later in the article) and systematizing discount policies. It is this last aspect that is particularly important in times hit by inflation, as it takes care of building loyalty. Poles are increasingly confident in forgoing the purchase of preferred products in favor of cheaper counterparts. They are just as often looking for value-for-money alternatives online. How to prevent the exodus of regular customers?

Building brand loyalty is supported by customer programs - linking both online and offline stores. Points for money spent, discounts or popular "stamps" should be reflected when shopping at the mall and when placing an order at home. Many companies are also choosing to expand their offerings with virtual gift cards that can be used stationary.

A consistent shopping experience is a buzzword that aptly describes the needs of customers in the next few months, and perhaps beyond. Meticulous budgeting and an increased need to save money will certainly translate into customer behavior in the long term. Omnichannel is a trend that won't be losing popularity any time soon - will you decide to implement it?

Payment catalog to match 2023

Customers have become accustomed to the simple and intuitive form of placing an order in online stores, so much so that they are becoming less tolerant of all kinds of barriers and impediments during the finalization of the transaction. Consumers' growing expectations are perfectly evident at the payment stage - a PayPal report shows that one in three consumers abandons a purchase because the e-store does not offer their preferred payment option. The key to building long-term relationships with shoppers is therefore to guarantee a variety of payment methods. Which payment methods will customers use most readily in 2023?

Deferred payments will still lead the way - Poles are increasingly opting for this method, allowing them to pay for an order at a later date without additional fees. What's more, not only have consumers recognized the potential of the Buy Now Pay, Later service, but industry leaders have also taken an interest in it. The payment operator BLIK is currently conducting tests on the "BLIK Pay Later" service. Carrier InPost has taken a similar path, developing its own system for such payments under a new brand - InPost Izi. However, on the wave of BNPL's popularity, other needs should not be forgotten. What else is important for people making payments?

According to the Mobile Institue survey, only 32% of respondents see no problems while paying online. Consumers' unsatisfaction is largely due to the neglect of small details that, at the time of payment, which is one of the last steps on the purchase path, can affect the decision to abandon the order altogether. The inability to remember the preferred method and the inaccessibility of the payment methods used by the customer are the most common mistakes cited by survey respondents. Implementing minor changes can result in a significant increase in the number of finalized transactions, thus meeting the requirements of next year's trends.

How will changes in the law affect industry trends?

Privacy and security are core values for eCommerce consumers, and in the coming year they are also becoming known as an industry "hot topic" due to new legislation. What changes has the legislature planned for the next year?

The most significant act by far is the EU Omnibus Directive. According to the latest reports, the legislative processes related to the implementation of the act into the Polish legal order are coming to an end, and the new regulations should be in force from January 2023. They concern in particular:

• Obligation to report the lowest price of a product currently on sale over the last 30 days,
• Determination of the seller's status on marketplace platforms ( natural person or entrepreneur) and rules for placement of offers,
• Regulation of the part of contracts concluded and terminated at a distance.

Becoming familiar with all the new regulations can be a challenge - for this reason, we have prepared an ebook that is a comprehensive discussion of the changes, which we encourage you to read.

A new year almost always means changes in the law - 2023 requires, however, special preparation, since the changes directly affect buyers. The requirements of the directive are shaping a new silhouette of the conscious consumer. Conducting business in accordance with his needs is not just a trend but a market standard.

reCommerce - a trend in line with sustainable principles

In previous years, the fashion trend for buying second-hand goods has centered around the fashion industry. This is confirmed by the growth of the Vinted platform - the Lithuanian marketplace now brings together more than 300 million offers of clothes and accessories sold by users from Europe and South America. The sources of this international success can be traced, among others, to Generation Z, which pays special attention to the principles of sustainability, as well as to reducing consumerism in everyday shopping. In addition, reCommerce fits in well with inflation standards, allowing people to buy quality goods at a lower price.

In 2023, reCommerce will move closer to the form of a separate market, offering sales through channels other than marketplaces. This is borne out by IKEA's efforts - the brand has provided a "Donate and Profit" tab on its online store. Within the site, customers can both fill out a form with a request to donate unwanted furniture to a second cycle, and make purchases of new items with funds received as a gift card reward.

In addition, a completely new take on reCommerce is the option to refurbish damaged clothes introduced by Spanish chain ZARA. As part of the new service, customers can take advantage of simple repairs such as replacing a button, zipper or stitching. The repairs will apply to clothes with the brand's label regardless of what year and where (online or in-store) they were purchased. Although the company is testing the service only in the UK for the time being, it can consider this a definite step made towards building brand value. The above actions perfectly illustrate that reCommerce is a significant trend from the perspective of 2023. How about you - are you planning to sell sustainably?

How to prepare your eCommerce for 2023?

Demanding changes in the law, record high inflation, growing consumer demands - despite the challenges that the new year brings, the global value of eCommerce in 2023 will reach $5.7 trillion, according to Statista forecasts. The projections show that eCommerce will consolidate its position, representing an important element for the entire economy. It is worth deciding quickly to implement the right strategy to translate the positive predictions into success for your business. You already know the trends - all that remains is to take advantage of them!